News has been going around Facebook new Cryptocurrency for some time now. Yet, several sources have reported new details regarding the project, most noticeably calling it “GlobalCoin”.

As reported by the BBC: Facebook wants to create a digital currency that provides affordable and secure ways of making payments, regardless of whether users have a bank account. The social networking site, which owns WhatsApp and Instagram, is hoping to disrupt existing networks by breaking down financial barriers, competing with banks and reducing consumer costs.

Reportedly, Facebook plans to launch a digital payments system in about a dozen countries by the first quarter of 2020. Consequently, Facebook will likely begin testing its cryptocurrency by the end of this year. The project will see Facebook join forces with banks and brokers. As a result of this cooperation, people will be able to change various currencies into Facebook’s digital coins.

The addition of GlobalCoin could improve on other efforts by the Facebook company. As Instagram Shop, Whatsapp Payments and other recent endeavours by Facebook could align perfectly with its planned currency and payments system. This would Facebook an even more crucial element in the lives of users by facilitating more essential tasks, funds transfer, bill payments, shopping, and more.